The Base Year Refers to the Year Whose _______ Are

question 124

Multiple Choice

The base year refers to the year whose _______ are used to calculate _______ for all years.

• A) prices; real GDP
• B) levels of output; real GDP
• C) prices; nominal GDP
• D) levels of output; nominal GDP

---

Definitions:

Illegal Contract

An agreement that is void and unenforceable by law because it involves activities that are against the law or public policy.

Discharged

Refers to the completion of an obligation or debt, relieving the individual or entity of further responsibilities.

Severable Contracts

Agreements composed of independent clauses or sections, where the invalidation of one part does not necessarily void the entire contract.

Independent Contracts

Agreements between individuals or organizations where one party offers services to another as a non-employee.